Ann: BMI World Tour - Corporate Presentation, page-94

I got some one-on-one time with JW prior to his Melbourne presentation and would like to add some notes to the margin of @Lynxie 's excellent summary from Sydney (in no particular order).

1. Funding for P1 could be from a cornerstone investor, rather than an off-take partner.

2. Changing sector classification from "mining and minerals" to "chemicals" is a difficult hurdle on the ASX, but it is something that can be considered by the BoD.

3. Delays in the Karibib drilling program was the impetus to increasing the drill rigs from 4 to 6. The results timetable remain on track.

4. Karibib drilling program results will not only change the resource from "inferred and indicted" to to "indicated and measured", but may also result in a Li concentrate upgrade.

5. Scaling up from P1 to P2 has definite economies of scale. At the same time, building P1-sized plants in multiple locations reduces geo-political risks.

6. With improvements quality control of the reagents used in Campaign 1, Li₂CO₃ purity for future campaigns are likely to be quoted to 2 decimal places.

7. BASF qualification testing may be undertaken in 2020Q1. BASF is not part of the Northvolt consortium, but they may join it. In any event, there is nothing preventing LPD from supplying in the consortium, especially on the back of zero tailings (green) credentials that processing delivers.

8. Securing Karibib and introducing ICAD option has resulted in a competitive tension for both feedstock supply and processing locations that keep related parties focused on achieving LPD's path to production in accordance with the project plan.

Not stated, but my impression is that an ICAD decision is awaiting the DFS, then confirmation.